Pennsylvania REIT greenshoe brings 7.2% preferreds to $172.5 million

By Wendy Van Sickle

Columbus, Ohio, Jan. 27 – Underwriters of Pennsylvania Real Estate Investment Trust’s 7.2% series C cumulative redeemable perpetual preferred stock fully exercised their $22.5 million over-allotment option, lifting the deal to $172.5 million, according to a press release.

As previously reported, the REIT priced $150 million of the preferreds at par on Jan. 18.

The deal came upsized from $75 million.

Wells Fargo Securities LLC, Citigroup Global Markets Inc., Jefferies, J.P. Morgan Securities LLC and Stifel Nicolaus & Co. Inc. are the joint bookrunners.

The preferreds become redeemable on or after Jan. 27, 2022 at par plus accrued dividends. The company can also opt to redeem the issue upon a change of control.

The Philadelphia-based REIT plans to use the proceeds to repay all or a portion of amounts outstanding under a 2013 revolving credit facility. Any remaining funds will be used for general business purposes, including the possible redemption of some or all of the 8.25% series A cumulative redeemable preferreds (NYSE: PEIPrA.)

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